Newegg now accepting Bitcoin as a method of payment

Tech-savvy shoppers now have yet another online retailer willing to accept their virtual currency. Electronics giant Newegg on Tuesday announced they are now accepting Bitcoin as a method of payment for the more than 10.5 million products offered on the site.

Paying for your purchase with Bitcoin is a simple affair. At check-out, simply select "Bitcoin" under "Payment Methods." If your digital wallet software is installed on your computer, just click the "Pay with Bitcoin" button.

In the event your wallet is stored on your smartphone, you can scan the QR code to process the payment. Alternately, if your wallet resides on the web, click the "View Address" link to display the digital wallet address and send the amount due.

Customers have up to 15 minutes to complete a Bitcoin transaction before the invoice expires. Successfully processed invoices will show "Paid" once the funds have been transferred and a confirmation message will arrive in your inbox.

It's worth pointing out that product returns won't be refunded in Bitcoin or cash. Instead, Newegg will issue a gift card for the amount of the return. So in other words, once you hand over your Bitcoins, the value of the currency must be spent at Newegg one way or another.

Newegg has enlisted the help of Bitcoin payment processor BitPay to handle transactions. BitPay will convert Bitcoins to fiat currency at the time of transaction on Newegg's behalf, just as we've seen from others like Tiger Direct.